2024 Trend Watch PDF Free Download
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DECEMBER 2023
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As 2023 comes to a close, many of us are looking forward to the clean slate
that the new year seems to promise. However, the tumultuous and unexpected
events and issues, as well as the welcome surprises and good news of 2023,
will inevitably impact what’s to come in 2024. With an eye towards how best
to adapt to a rapidly evolving business and social climate, we’ve identified six
major trends for 2024 relevant to our clients, their businesses and employees,
and the consumers and customers they serve.
1. ADVANCING GENERATIVE AI AND THE QUEST FOR
AUTHENTICITY
The continued rise of artificial intelligence and the implications it brings to
countless industries will be the leading tech and business trend of 2024. Most
immediately, we will see progress in generative AI, defined by McKinsey &
Co as “algorithms that can be used to create new content, including audio,
code, images, text, simulations, and videos.” This is of particular interest for
marketing teams, given the industry’s focus on content creation.
Twenty twenty four will surely see AI evolve further in this capacity, moving
from simple chat bots to more complex capabilities including music
composition and life-like illustration and video renderings. With these
developments–and with time–the lines will continue to blur between content
crafted by humans and content generated by AI systems. That reality is both
exciting and scary. The key to success will be embracing the benefits AI
brings, such as greater efficiency, while remaining wary of its non-human
limitations, including the inability to overcome bias, which unfortunately
permeates much of the data found on the internet that has “trained” and
continues to overwhelmingly influence AI models.
At the same time, with this key trend emerges an equally consequential
counter trend: a renewed appreciation for uniquely human qualities, such as
empathy, creativity and instinct, that are difficult (at least for the time being)
for any machine to replicate. Indeed, Merriam Webster’s 2023 word of the
year, based on search and look up, is “authentic,” and we believe the quest
for authenticity will increase in the coming year. Human connection will be
prioritized by consumers, and brand marketing teams should keep this in mind
by using the advantages technology affords to build real, human connections
among their consumers.
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KEY TAKEAWAYS:
§Be curious and embrace learning about AI applications in your field
while being critical of the outcomes, remembering that every AI tool
comes with the warning that results may be wrong. AI may not
replace positions, but people who learn how to harness AI will have
a strategic advantage.
§Be tenaciously personal and human in your communication.
2. EMBRACING LIFELONG EDUCATION
The idea of “continued education” is certainly not new; it’s long been a
hallmark of the best and brightest business professionals. However, the
rapid technological innovation impacting the business world means that
employees of all ages and status need to adapt quickly and continuously
in order to remain relevant. The pressure to keep up with sweeping
technological advancements is already beginning to produce a lot of
fear and anxiety in the workforce around how employee skillsets may
become redundant in the near future.
Upskilling is one way that employees can make themselves more
valuable to their current and future employers. Recent LinkedIn data
shows that professional skillsets for jobs have changed by 24 percent
globally since 2015, and if that pace continues, skills could change by
anywhere from 39 percent to 44 percent by 2025. In fact, LinkedIn's
Future of Skills tool highlights how skillsets have evolved over the years,
and what new skills workers in each field should build to stay ahead of
the curve. (Indeed, Double Forte was founded before Twitter, LinkedIn
and Facebook; we count four large skill set changes in our company’s
history...so far.)
In addition to specific skillsets, workers should set their sights on
continued education that teaches them how to best leverage emerging
technology in their specific roles. Today, as a general example,
companies can probably find efficiencies in more repetitive and
mundane tasks in AI systems in order to free up employees to focus on
the important elements of their professional roles that require a human
touch.
So, while it will be important for employees to become well-versed in
how best to apply new technologies in their industries and roles, it will
be equally crucial for them to spend time flexing their interpersonal skills
by focusing on important facets of their jobs such as being an effective
manager, improving emotional intelligence, and cultivating creativity. In
short, we are entering a whole new era of continued education in the
workforce.
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Given the projected workforce squeeze in the next 20 years, even with
technology assisting today’s workflow, the US won’t have enough
workers to fill the high-touch human jobs required. As such, companies
that invest time and resources in upskilling beyond their specific needs
will have a strategic advantage over the companies that don’t–and
employees will choose to work for companies that emphasize the
lifelong learning they will need to have options in the workforce.
KEY TAKEAWAYS:
§Employees: Identify 3-4 skills you want to learn in 2024, and
commit to learning one per quarter. Leverage company resources as
much as possible, and explore professional online learning
opportunities through platforms such as LinkedIn, MasterClass,
Udemy, and Coursera. Add associated credentials and badges to
your resume.
§Employers: Evaluate your learning and development offering,
augment with external course recommendations, an employee
education stipend, and/or additional tracks. Explore how to
incentivize employees to use the resources you offer. At Double
Forte, employees earn “points'' for educational activities (and
others), which can be redeemed for a variety of rewards.
3. EVOLVING WORKPLACE DEMOGRAPHICS
Diversity and inclusion will continue to be a priority in the workplace. An
aging population, combined with rising immigration and the popularity
of less traditional educational and career paths, are already impacting
what workplaces look like. Currently, we’re seeing less homogenous
and hierarchical work environments that put more value on lived
experience and intrinsic qualities that drive performance such as
resourcefulness, agility and critical thinking, as opposed to a corporate
resume full of checked boxes. But we are far from a static, standard
workplace; this transformation will continue to morph over the next
several years.
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On the DEI front specifically, recent lawsuits have emerged against
schools and employers actively employing DEI programming since the
Supreme Court’s June decision to strike down affirmative action in
colleges. Despite this backlash reported by DEI consulting firm
Paradigm, more DEI professionals are being hired than last year with
no signs of slowing. The same Paradigm report found a 6-point increase
from 2022 to 2023 in companies hiring senior DEI leaders. And
Capterra’s 2023 DEI Cutbacks Survey found that 58% of HR leaders
say their company is prioritizing DEI more in 2023 than they have in
year's past.
Given the changing demographics across the country, a diverse
workforce is inevitable. We believe companies that reflect the changing
markets will have a long-term strategic advantage despite the risk for
short-term blowback.
Another factor impacting workplace demographics is the changing
perception of the four-year college degree. Long revered as the ticket to
financial and professional success, we see that sentiment starting to shift
for two key reasons.
The first: economic barriers to access a four-year college education
have become insurmountably high. Tuition is through the roof, causing
skyrocketing student debt; the Federal Reserve reports that “the student
loan debt balance in the U.S. has increased by 66 percent over the
past decade, and it now totals more than 1.77 trillion dollars.” And
when compared with current average salaries and costs of living, not to
mention soaring interest rates, even those considered “high earners” are
struggling to repay their loans. According to a recent Morning Consult
survey, “roughly 7 in 10 federal borrowers in households that earn at
least $100,000 annually said they expect to miss at least one [student
loan] payment and may default.”
Even employers are recognizing that they’re missing out on key talent
by requiring a college degree. Harvard Business Review article recently
noted that “industry-leading companies including“Apple, Tesla, IBM,
Delta Airlines, and Hilton no longer require a college degree for an
interview,” setting the trend on a fast track to wider adoption.
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The second: four-year degrees have come into question is because
professional trades are becoming increasingly lucrative. For example,
starting truck drivers can earn $80,000 per year; energy company
linemen start at $90,000 per year across the country after
apprenticeship – the list goes on. These blue collar workers have
gained a lot of leverage with employers due to a tight labor market,
tipping the power scales in their favor for securing better compensation,
which is why 2023 has seen an exponential increase in worker strikes
and bargaining agreements.
According to CNBC, “altogether, there have been 312 strikes involving
roughly 453,000 workers in 2023, compared with 180 strikes
involving 43,700 workers over the same period two years ago.” And
experts believe this uptick will not wane until inflation decreases and the
labor market cools. As a result of these labor strikes, rising minimum
wages are poised to have a positive impact on the economy, as more
spending power in these traditionally blue collar jobs translates to
greater local economic impact.
The tight labor market is also increasing employee power over
workplace benefits, namely flexibility. Following Covid-19, much of the
workforce has been reluctant to return to in-office work five days a
week, despite companies’ return to office efforts. The truth is the
pandemic irrevocably changed what employees expect from their
employers. Moving forward, especially in a market that favors workers,
flexible work solutions need to be a part of every company’s culture.
Employers must figure out how to drive flexible equity into the whole
organization, not just for employees who can do their work from home
but also for workers required to be onsite by the nature of their jobs.
Other solutions being explored include 3-day 12-hour shifts, 4-day 10-
hour shifts, and other schedules to allow their mainline employees more
flexibility during the traditional Monday-Friday work week. Employers
that don’t adapt will find themselves at a severe disadvantage among
competitors.
All of these workplace trend lines were in motion before the pandemic;
Covid-19 just pushed us all forward at the same time by at least a
decade. The bottom line: these factors together are going to create a
different looking workforce than we’ve become accustomed to, and
companies that can navigate talent recruitment and retention with this in
mind will fare far better than companies holding onto traditional
paradigms.
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KEY TAKEAWAYS:
§Employers must examine job requirements to keep up with the
changing talent pool and demands of the workforce. Evaluating
everything from degree requirements to flexible work options can help
attract and retain quality candidates in a competitive market.
§DEI efforts should remain a priority. We already know that companies
with diverse workforces outperform (and outearn!) those that are not
diverse. Beyond changing recruitment and hiring practices,
companies should consider diversity and inclusion trainings, employee
resource groups and relevant policy changes. Pushing to make DEI
ingrained in the company’s DNA will attract the best talent and
improve the bottom line.
4. GROWING URGENCY AROUND SUSTAINABILITY
Sustainability has been a hot topic for some time, but expect it to come to
a head this year as many countries, including the US, return to the polls in
a pivotal election year. Climate change is guaranteed to be a major topic
of discussion on the campaign trail, and will emphasize both the dire
need for serious action, as well as how many voters are willing to commit
and follow-through on the changes required to combat the imminent
environmental repercussions from centuries of destructive behavior.
Greater urgency around an existential climate threat is also sure to have a
substantial impact on consumption, and therefore on consumer marketing
as well. A 2023 survey by the Marist Poll found that 60 percent of
America’s youngest set of voters, those 18-29 years old, “believe climate
change should be a priority, even at the risk of slowing economic
growth.” That same generation feels strongly about sustainability when it
comes to purchasing decisions. 75 percent of Gen Z respondents “prefer
to buy sustainably rather than to go for brand names,” according to a
First Insight study on US consumer attitudes on sustainable shopping. And
the same study found that “consumers across all generations are willing to
spend more for sustainable products compared to two years ago,”
indicating that Gen Z is influencing older generations to prioritize
sustainable shopping practices.
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All of this data collectively demonstrates that many American consumers
expect brands to take action to reduce their negative impacts on the
environment. With sustainability becoming more urgent, this expectation
on brands to reduce or eliminate environmental damage will likely
intensify with consumers demanding that brands contribute to
environmentally regenerative solutions in the near future.
KEY TAKEAWAYS:
§Examine how to make core products or services more
environmentally friendly. From basics such as packaging to more
detailed undertakings including sourcing eco-friendly product
materials, reducing or repurposing waste, and decreasing carbon
footprints.
§Look for organic ways to incorporate sustainability into staff culture,
from providing extra days off specifically for volunteering or
partnering with non-profit organizations to help raise money or
further an environmental cause.
5. REDEFINING BRAND QUALITY AND VALUE
Brand value used to predominantly be about bang for your buck. It was
more transactional and focused on what the consumer got from the
product or service for the money spent. Quality was, and continues to
play a part in brand value, placing priority on factors such as
effectiveness, convenience, brand heritage and in this day and age,
consumer-first practices like flexible payment options. But as the past
few years have taught us, consumers’ perception of value and overall
quality continues to evolve.
The global onset of the Covid-19 pandemic, and the political and
religious unrest and racial injustices that followed, led more and more
consumers to scrutinize the brands they buy into more than ever before.
Customers want to know that the brands they purchase not only deliver
a functional, quality product or service, and increasingly they want to
know what and who the brand stands for as well.
Beyond prioritizing sustainability as mentioned earlier, buyers are
concerned with a brand’s ethical business practices, integrity, and
social responsibility. 2022 Harris Poll research commissioned by
Google Cloud reveals that “82 percent of shoppers want a consumer
brand’s values to align with their own, and they’ll vote with their wallet
if they don't feel a match. Three-quarters of shoppers reported parting
ways with a brand over a conflict in values.”
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The perception of brand quality and value has also evolved to include
greater personalization. With higher expectations than ever before,
consumers are looking to create and customize their own products and
experiences. Whether it’s concocting their own specialty cocktails,
renting their dream boat for a curated excursion on the water or
building a custom bike via a dynamic online shopping tool, consumers
are looking to interact with the brands they love.
Using data is a crucial element to creating top-notch personalized
experiences between brands and consumers. McKinsey & Co
summarizes the opportunity well: “in the best personalized experiences,
retailers make the customer part of the dialogue and leverage data to
create one-to-one personalization. Customers receive offers that are
targeted not just at customers like them, but at them as individuals, with
products, offers, and communications that are uniquely relevant to
them.” Brands that can tap into this trend responsibly will have the
advantage over competitors.
In short, companies will need to rebuild or reinforce relationships with
consumers by proving they can meet all the expectations–starting by
delivering high-caliber products that make life better and easier, and
extending to sound ethical and socially responsible behavior.
Additionally, brands must be willing to nurture relationships with
consumers by creating opportunities for open dialogue and interactive
moments. How all of these factors fit together is what makes for a
consumer’s positive–or negative–brand experience.
KEY TAKEAWAYS:
§Examine how your brand values translate to consumers and find
ways to bring those values to light in meaningful and authentic
ways. Consider what causes or issues make sense to align with.
Perhaps there are untapped opportunities to give back to causes
that are already part of the company DNA. However, be careful to
remain sincere in both your actions and how they are
communicated to consumers.
§Look for opportunities to interact with your consumers. Use data to
get to know customer preferences and purchase history. Leverage
social media to open dialogue with consumers, allowing them to
ask questions, make comments, or offer suggestions. And most
importantly, act on customer feedback to improve the overall brand
experience.
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6. DITCHING THE ROSE-COLORED GLASSES
As evident from global events of the last three years, the world we
currently live in can best be described as uncertain. From a global health
pandemic to political upheaval and unprecedented gun violence to
religious wars, there are far more questions than answers to the issues
affecting the global population. In fact, most of the trends discussed above
are rooted in uncertainty. Where will AI take us? Will it threaten job
security across industries and borders? What natural disaster will strike
next due to global warming? Will our grandchildren have a planet to call
home? This is the reality we’re facing, and brands must acknowledge it
and add value.
Rather than employing an escapist strategy, brands can help consumers
by recognizing the complex emotions that come with uncertainty and
delivering authentic products, services and messaging that help improve
customers’ mental health, spirituality and personal growth. Brand
marketers should be looking at opportunities to have these conversations
with their customers and offer organic ways to help them adapt to
manage their feelings and co-exist alongside a precarious future.
KEY TAKEAWAYS:
§Consider owned platforms as a starting point for how to incorporate
relevant, empathetic messaging. Using your website, blog or social
media handles to acknowledge the realities of the world your
consumers live in and suggest how your products or services might
provide relief or solutions to those issues can pay off in dividends. It
shows consumers that you understand their challenges and want to
help.
§The same approach can be taken with employees, by offering them
access to resources that can help them cope with any added stress and
anxiety they may be feeling. Some examples include incorporating
mental health coverage as part of your company’s health care plan,
establishing employee assistance programs, encouraging use of
vacation days, providing free access to helpful apps that can help with
sleep, stress reduction and mindfulness.
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LOOKING AHEAD
2024 is set to be a (another?) pivotal year of change. Between the
technological revolution that’s already underway, the global climate
change crisis that desperately requires action, and the ongoing economic
instability that persists, consumers are overwhelmed and anxious. Add in
a presidential election, and those emotions become even bigger and
more complex. Brands have the opportunity to help people adapt in their
professional and personal lives, to become more resilient, by
acknowledging new realities and offering solutions, tools and products
that can help their customers to not only cope, but succeed amidst
ongoing change and uncertainty.
Lee Caraher
CEO
Double Forte
lcaraher@double-forte.com
650.302.3457
www.double-forte.com
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